Southern Palladium Limited announced an update on the assay results for the ongoing drill programme completed to-date across the MR and UG2 reefs at the Bengwenyama Platinum Group Metal (PGM) project, located on the Eastern Limb of the world class Bushveld Complex, South Africa. Both the grade and the reef width align well with the JORC compliant Mineral Resource released on July 10, 2023. The process of updating the geological and estimation model for the second Mineral Resource update is underway and is expected to be finalised in the fourth quarter of 2023.

As of 30 September, the drilling programme has completed 19,447m of drilling (including def collections) with assay results for 39 UG2 intersections and 10 MR intersections received from the laboratory. Of the initial 24,500m of planned drilling (63 drillholes with def collections), 19,447m have been completed, which is comprised of 59 completed drillholes and 21 def collections. Additional drillholes have been planned with the remaining budget to fill in gaps to assist with structural modelling.

Green highlighted BHIDs indicate the additional intersections since the March press release. Updated Resource and Scoping Study. Over the past two months, numerous def collections were drilled to obtain metallurgical samples for metallurgical testing and to support the geotechnical studies conducted as part of the scoping study.

These tasks have been completed and focus has now returned to exploration and infill drilling to secure additional UG2 reef intersections for structural and estimation modelling. The second resource update is currently in progress and is expected to be completed by the end of November 2023. The structural /geological model utilised 20 historical Nkwe, Drilling BHID, Date started, Date started, From (m), To (m), Drilled Metres, Comment, E019, 23- Aug-22, 524.50, EOH, completed, E004D1, 19-Nov-22, 457.00, 518.75, 61.75, Deflection completed, 26-Oct-22, 05-Oct-22, 0.00, 323.77, 323.77, EOH, completed, 26-Nov-22, 0.00.